It's good for PvP but Voidfang is better. Guaranteed grenade every spawn, and you should be flanking with nova bomb anyways.
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Voidfang is actually bad imo. You shouldn't be dying in the first place so unless you suck and feed kills all day I do not recommend using voidfang.
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See that's where not thinking everything through completely hurts you. So if we consider that a pretty respectable k:d is 2.0, then even as a good player you're still dying pretty "often". Guaranteeing that I get a new nade to start my encounters with each time spawning is more valuable to me than being able to handle some extra gunfire while throwing a nova bomb 3-4 times a game.